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and the treasury department will take extraordinary measures authorized by law. that will create head room under the debt limit. under normal circumstances circs that amount head room would last two months. but it's difficult to predict how long the money will last. where does the money come from? they will raise retirement fund and there is a slush fund from the exchange raid. >> the bigger problem is getting borrowing under control. it puts the nation at risk immediately for a crit downgrade but it means higher taxes and lower standard of living for future generations. doug? >> doug: the stocks fell. the dow lost 18. s&p 500 gave back two. nasdaq down four. >> doug: president george h.w. bush is at a hospital after having a stubborn fever. >> joe biden on hand to swear in brian shot as the hawaii newest senator. he was selected to fill the vacancy. >>> after the attack on benghazi there was widespread speculation some would lose their job after the security failure but it has nod happened. and john kerry's nomination as secretary of state could hang in the balance. peter doocy has the pieces t
that is operating secret otherwise. >> when congress passes a law, something massive as the 2 2,409 page affordable care tract is the beginning. they are given authority to issue regulation to spell out how the law will be enforced but not before giving the public a chance to weigh in. in 1993, president clinton called executive order to call on agencies to provide minimum of 60 days for public input. three new proposed regulation for obamacare assigned 30 days and will get 24. with the comment period set to end in the week between christmas and new year's. one of the regulation runs more than 400 pages. regulatory experts say it creates nearly impossible task. fully vetting the proposal and submitting in-depth comment by the deadline. >> very few people are aware that the regulatory process allows for public to comment. because of that, a lot of the agencies work in secret. >> americans for limited government sent letters to the administration asking why it's flagrantly ignoring the appropriate comment period. expressing concern about the large number of new regulatory actions that are being under
. the source noted that the truman era law is so old it would take weeks to implement. even if the old law expires don't expect immediate spike if milk prices. >>> congress is still working to find agreement on the $60.4 billion emergency spending bill for hurricane sandy victims. some conservatives want the government to cut back spending in other areas in exchange for relief money. the new york and the new jersey governors ask for bigger aid packages. >>> the powerful winter storm swept through half of the country and left many in dark. arkansas, 15-inchs of snow caused widespread daniel to power lines and cutting electricity to 200,000 customers. chicago has already reached 500 homicides before the end of this year. the highest level in four years. windy city is desperate to lower its murder rate. correspondent mike tobin looks at one initiative to supporters hope will do just that. [ siren ] >> guy in the middle of the street. looks shot. >> gangland shooting part of every evening in chicago, the gun control debate is ongoing. solution passed by the cook county board of collisioners an
you. >> bret: you heard the phrase "fiscal cliff." then bill and law accompany the overused phrase fiscal cliff. some out the it as win, politically for taxpayers. the reality, according to both sides is really more of a mixed bag. president obama -- >> president obama campaigned on strengthening middle class. >> nonpartisan tax policy center estimate 77% of the american households wind l end up paying higher federal taxes because the 2% payroll tax holiday is not part of the package. impacts every worker. even before the revelation, the legislation was unpopular with the house republicans and the speaker did not make the final pitch. that was left to the house ways and means chairman. >> making the tax cut permanent we are one step closer to comprehensive tax reform to strengthen the economy and create more and higher paycheck for american workers. >> many conservatives didn't like the package because it includes $6 # 0 billion in new tax hike with $15 billion in spending cuts. so the key to pass it was $172 of the votes in favor from the houseteam delivered by whip steny hoyer. >
. >> bret: thank you. still ahead, the french soak the rich tax proposal hit a speed bump. law enforcement works on setting a legal limit for driving after smoking pot. this is america. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day afr day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] e pill eachmorning. 24 hours. zero heartbur mommy's having a french fry. yes she is, yes she is. [ bop ] [ male announcer ] could've had a v8. 100% vegetable juice, with three of your daily vegetable servings in every little bottle. >> bret: looking live at capitol hill. you see the dome light at the top of the call to dome. that means that congress is in session. they are trying to get legislation moving on the senate floor. technically tonight the u.s. goes over the fiscal cliff. we'll talk about that and we'll have details with the panel coming up. this, of course, is new year's eve. the last day and night of 2012. hundreds of thousands of revelers around the globe
to the white house and sign in law. fiscal cliff legislation failed out of the senate, 89 89-8, has hit an iceberg potentially. the house of representatives, concerns about the bill from the conservatives and liberals. fox business network anchor cheryl casone joins me in new york with a look at how investors here and abroad possibly may react to all of this. cheryl, happy new year first of all. >> happy new year. >> bret: the markets were closed for the holiday, but what effect will this have potentially when the trading opens back up? >> incredibly negative effect. there are a couple of things happening. we're 35 minutes away from tokyo's market opening. that will give us a first clear indication of what the thought process is around the world about the problems as the roadblock if you will that we have hit in america. an australian trader sending a note out saying if the americans wake up on wednesday they have less money in their paychecks and they are paying more in taxes, there is no deal in washington, it will be a negative kickoff to world markets for the year. many world market
Search Results 0 to 5 of about 6

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